GMR-Megawide, a joint venture of India’s GMR Infrastructure and Megawide Construction, has expressed interest in acquiring five airports in the Philippines.

The potential transactions could be worth $2.4bn.

The Filipino Government plans to sell Bacolod-Silay, Iloilo (Bundle 1), Davao, Laguindingan, and New Bohol (Panglao) (Bundle 2) to the highest bidder under a public-private partnership (PPP).

Apart from GMR-Megawide, other companies bidding for the project include Metro-Pacific-JG Summit Consortium, Aboitiz Equity Ventures, Miguel Corporation, Philippine Skylanders and Union Equities.

The Department of Transportation and Communications (DOTC) had floated the proposal in December 2014, under which the winning group will develop, operate and maintain the five regional airports.

The partner will also be responsible for providing additional facilities and other necessary improvements to all the airports to strengthen passenger safety, security, access, passenger and cargo movement efficiency and operational efficiency.

The selected candidate will be required to market the airports to attract direct international passenger traffic and to diversify revenue sources, the government said in a statement.

The current project is part of the 12 PPP projects, with a combined value of PHP383.8bn ($8.49bn). rolled out by the administration.

Out of the 12, nine projects with a total indicative cost of P136.37bn ($3bn), have already been awarded since 2010.

GMR is currently constructing the second terminal of the Mactan-Cebu International Airport in the Philippines.